Kusumgar IPO: Issue received a solid response on Day 01, booked 3.7 times; GMP signals bumper listing

The Kusumgar Limited IPO, an entirely Offer for Sale of 1.55 crore equity shares aggregating up to Rs 650 crore, was subscribed 3.67 times on Day 1 of bidding on July 08. Non-institutional investors led with 7.76 times subscription, followed by retail at 3.76 times, while QIBs were subscribed 0.50 times; the company had earlier raised Rs 193.9 crore from anchor investors including BlackRock and Goldman Sachs. Grey market premium stood at Rs 160 per share, indicating an estimated listing price of around Rs 579 per share, a premium of nearly 38 percent over the upper price band of Rs 419.